Abb Takk News

Government Had No Option But To Approach IMF: Fawad

Islamabad (October 09, 2018): Information Minister Fawad Chaudhry a day after the government made the formal announcement to seek economic bailout package from the International Monetary Fund, says the government had no plan to approach the IMF, ‘but the current economic situation compelled us to take the hard decision’.

‘A 45-day import cover is just left at the moment, hence the government was left with no option but to approach the IMF, he told a press conference today.

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Chaudhry said the government acquired reins of power at a time when it was undergoing several crises. He said hard decisions are being taken to revive the country’s economy.The minister said the accountability would not stop no matter how much ‘hue and cry’ was raised by the protesters.

Referring to decisions taken by the previous government, he said they [the PML-N] govt were destined to win elections after they appointed their people in several institutions.

“We need $8 billion to pay back our loans and $28 billion to run the country,” the information minister further said.

Chaudhry further said, “We need to strengthen the country to stand on its own feet, the nation is already under a lot of pressure.”He underlined that weakness of institutions was tantamount to the fragility of the state.

“We have to hold all those accountable who plundered national wealth to boost their own wealth,” he added.

Earlier on October 08, the government decided to approach the International Monetary Fund (IMF) for a bailout to address the mounting balance of payments crisis faced by Pakistan, announced Finance Minister Asad Umar.

In a video message, the minister revealed that Prime Minister Imran Khan has given the go-ahead to open talks with the Fund for a bailout programme after consulting economic experts and stakeholders.

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“The prime minister… after consulting everyone decided today that we should open talks with the IMF,” Umar said.

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